Johnny Bravo set up business selling Air Conditioners, trading under the name of "kings cool shop" . He put $500,000 in his business (First transaction). Following are the transactions occurred in the first trading month.

January 1.

Started business with cash $500,000

January 2.

Purchased Air Conditioners on credit $200,000

January 3.

Paid rent of shop for the period amounting to $3000

January 4.

Raised loan from bank $100,000

January 7.

Purchase of Shop fittings (for cash) $2000

January 9.

$4000 paid to the trade account payable

January 13.

Sale of Air Conditioners on credit $10,000

January 16.

$700 paid as Interest on bank loan

January 19.

$3000 received from a debtor (Account receivable)

January 26.

Withdrawal of cash on account of profit $5000 by the owner of the business

First off we have to record double entries in General Journal, after that we would put these transactions in Ledger Accounts